Tokyo: Japan's exports jumped 20 per cent and imports rose at an even faster pace in November as disruptions to manufacturing supply chains eased. Preliminary trade data reported Thursday showed imports surging nearly 44 per cent from a year earlier, pulling the country into a deficit, as surging oil prices pushed costs sharply higher. Iron and steel exports jumped 88 per cent, while exports of vehicles and other transport equipment rose 20 per cent.
Shipments of computer chips also revived, rising more than 20 per cent.
The jump in exports in November suggests that most supply chain constraints in the automobile sector had already eased last month. We think that exports will remain strong over the coming months as motor vehicle exports recover further and external demand for capital goods continues to rise," Tom Learmouth of Capital Economics said in.
However, global growth in trade has been moderating at a time when a new wave of coronavirus cases in many countries could stall recoveries from the pandemic.
The 7.4 trillion yen ($64 billion) in exports compared with 6.1 trillion yen in November 2020. Imports rose to 8.3 trillion yen ($72 billion), leaving a deficit of 954.8 billion yen ($8.36 billion). Japan's exports to the US rose 10 per cent from a year earlier to 1.3 trillion yen ($11 billion), while imports from the US soared 43 per cent to 855 billion yen ($7.5 billion).